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1 Conclusion

Imagine a diverse group of entrepreneurs, operating in different sectors, yet

unified as SMEs who offer a variety of products and employ less than ten people

each. This study looked into these inspiring businesses and discovered that over
half of them were registered as business names, as a more cost-effective option.

Most of these businesses were fairly young, having started between 2009 and

2018. The respondents recognized the crucial role of maintaining proper records

and how it positively impacts their businesses' performance and success.
However, quite a few of these entrepreneurs lacked basic accounting knowledge,

leading them to manually keep records themselves as a budget-friendly

approach. But here's the catch: the consequences of improper record keeping can

be detrimental to a business. Think about resource mismanagement and poor
cash control - quite risky, right? So, the study recommends that SME owners

seek essential accounting knowledge to ensure accurate record keeping and, if

possible, engage financial professionals for a minimal cost.

Small and Medium Enterprises (SMEs) With dedication and a little bit of

entrepreneur should start taking their guidance, these entrepreneurs can

record keeping to new heights. Let's transform their financial records and

acknowledge the potential that lies ensure long-term business success.
ahead, and talk about how proper

record keeping can create a brighter Imagine the incredible impact of

future for these businesses! maintaining accurate records: easier
financial planning, improved decision-
Embarking on proper record keeping making, and smoother compliance with

can be a challenging task, but we regulations.

remain hopeful and confident in the
determination of Nigerian SMEs.

The Impact of Record Keeping on the Performance of
JULY | 2023 Selected Small and Medium Enterprises in Lagos Metropolis 7